U.S. hedge fund Third Point LLC, which had been pressing Sony Corp to make changes including spinning-off of its chip unit, has sold all of its American Depositary Receipts (ADRs) in the Japanese conglomerate, regulatory filings showed.
) to make changes including spinning-off of its chip unit, has sold all of its American Depositary Receipts in the Japanese conglomerate, regulatory filings showed.
The fund, headed by one of the world’s highest-profile activist investors, Daniel Loeb, still owns a large amount of Sony’s Japanese stock, a person familiar with the fund said. It owned 1.5 million Sony ADRs at December-end worth about $100 million, showed Third Point filings with the U.S. Securities and Exchange Commission .
SEC filings show what investors hold in U.S. stock. They give no indication of foreign holdings, such as how much Third Point owns in Sony’s common stock listed in Japan.Sony’s Tokyo-listed shares were down 2.3% in afternoon trade in a flat broader market, due primarily to concerns that ramped-up U.S. restrictions on customer Huawei Technologies Co Ltd could drag on its chip business.
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Hedge fund Third Point sells ADRs in Sony: SEC filingsU.S. hedge fund Third Point LLC, which had been pressing Sony Corp to make changes including spinning-off of its chip unit, has sold all of its American Depositary Receipts (ADRs) in the Japanese electronics company, regulatory filings showed.
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